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BCOBS 6.2 Exercising the right to cancel

BCOBS 6.2.1R01/11/2009

If a banking
customer exercises his right to cancel he must, before the expiry
of the cancellation period, notify this following the practical instructions
given to him. The deadline shall be deemed to have been observed if the notification,
if in a durable medium available
and accessible to the recipient, is dispatched before the cancellation period
expires.

The firm should
accept any indication that the banking customer wishes
to cancel as long as it satisfies the conditions for notification. In the
event of any dispute, unless there is clear written evidence to the contrary,
the firm should treat the date
cited by the banking customer as
the date when the notification was dispatched.

Record keeping

BCOBS 6.2.3R01/11/2009

The firm must
make adequate records concerning the exercise of a right to cancel and retain
them for at least three years.